Gas Prices Headed Down

9-26-05 - Hurricane Rita spun east of Houston sparing the city and all of its oil refineries. It was a big break for anyone with an automobile as things could have gotten ugly at the pump.

Gas prices still aren't cheap, but they won't be rising any higher.

There was concern on Friday across much of North Texas as many stations, including some as close as Van Alstyne, ran out of gasoline.

The threat of Rita led to some panic buying as everyone topped off their tanks. But not only is gasoline in good supply after Rita, but the cost of it will not sky rocket like it did after Katrina.

The oil pumps and refineries in the Houston area are still operating after missing the brunt of the storm meaning more supply and not quite as much demand. This means that prices should slowly being to fall rather than shoot through the roof.

As for what pre-Katrina levels were for those who don't remember, they are estimating it to be right around $2.20 per gallon.

It will take time for prices to get back down to that level. They should slowly decrease until December provided there aren't any more hurricanes.

President Bush urged Americans in a press conference Monday to car pool when possible and to conserve as much energy as they can.